Month on month prices increased by 0.7% and quarter on quarter by 0.2, taking the average price to £227,869, according to the figures from the Halifax.

It is the lowest rate of annual growth since March 2013 but Russell Galley, Halifax managing director, pointed out that it is still within its forecast annual growth range of 0% to 3% for 2018.

‘House prices continue to be supported by the fact that the supply of new homes and existing properties available for sale remains low. Further house price support comes from an already high and improving employment rate and historically low mortgage rates which are creating higher rates of relative affordability,’ he explained.

‘We see this continuing to be the case over the coming months and we remain supportive of our 0% to 3% forecast range,’ he added. ■